First Gibraltar, now Spain! As government draws up Bitcoin legislation

SPAIN is in the process of drawing up legislation to lure blockchain companies to invest in the country. 

Lawmaker Teodoro Garcia said the legislation would be pointed to ‘specific regulations’ across finance, education and health.

“The level of digitization for companies will be key. We hope to get the legislation ready this year,” Garcia told the press.

The ruling Popular Party is also looking at ways to incorporate blockchain technology into government-backed tax subsidies, similar to that of Switzerland’s Crypto Valley and are summoning blockchain experts to speak in parliament.

Garcia also hinted at a lack of regulation to encourage initial growth in Spain but said ‘we want to set up Europe’s safest framework to invest in ICOs’.

This comes a week after Gibraltar announced its own system of regulation to legalise ICO transactions in the territory.